Debt

May 17, 2000|Bloomberg News

Brazil's current account gap widened more than expected in April to a 16-month high as the government made semiannual interest payments on its Brady bonds.

The deficit in the current account, the broadest measure of a country's flow of goods and services, rose to $3.08 billion from $1.88 billion in March and $2.48 billion in April 1999. The deficit is the biggest since December 1998.

TELECOM

Vodafone AirTouch PLC, the world's largest mobile-phone operator, said it has selected Ericsson AB as the main supplier to provide equipment and build the network for its new high-speed mobile phone service.

Vodafone paid $8.8 billion for a license to operate a third-generation network, which will allow users to connect to the Web using wireless devices at 40 times current speeds. Vodafone expects to have its service running in the first quarter of 2002.

ENERGY

Venezuelan regulators said they would consider changes to conditions placed on AES Corp.'s $863 million hostile bid to take over the country's largest publicly traded power company, CA Electricidad de Caracas, but only after AES presents a formal request.

The national securities commission said it was not considering any changes because AES had submitted only preliminary notes, rather than a formal request.

The commission's comments represent a retreat from statements by a commission spokeswoman who said the commission would not change any of the conditions.

FOOD

Cadbury Schweppes PLC, the third-biggest soft-drink maker, said it is interested in buying some of the food businesses of Nabisco Group Holdings Corp., which is considering selling all or part of itself.

London-based Cadbury, which makes confectionery as well as beverage products, joins Danone SA of France and U.S. financier Carl Icahn in looking at Nabisco. Philip Morris Cos. declined to comment Monday on a Wall Street Journal report that it has bid to buy Nabisco Holdings Corp., the maker of Oreo cookies, which is 80.5 percent owned by Nabisco Group.